摘要
本文通过分析环境规制对中国制造业企业利润率的影响来检验"波特假说",即环境规制是否可以通过促进企业创新来提高企业的利润率,从而实现环境和经济发展之间的"双赢"。本文首先建立理论模型来分析环境规制如何影响不同规模的企业的利润率,发现环境规制可以提高合规成本较低的大规模企业的利润率,但会降低合规成本较高的小规模企业的利润率和企业数量。为检验理论模型的适用性,以清洁生产标准的实施作为准自然实验,利用1998—2007年中国制造业企业数据,使用倍差法实证分析了清洁生产标准的实施对于企业利润率的影响,发现清洁生产标准的实施显著提高了企业的利润率,但是并没有促进企业创新,也没有提高企业补贴。进一步的分析发现,清洁生产标准的实施提高了规模较大企业的利润率,降低了规模较小企业的利润率。最后,利用2004年和2008年中国经济普查的3分位行业级数据,使用倍差法发现清洁生产标准的实施减少了小规模企业的数量。因此,本文认为,由企业规模差异导致的"合规成本异质性"而非"波特假说",能够更好地解释清洁生产标准的实施对中国制造业企业利润率的影响。这一发现有助于促进对环境规制影响企业利润率机制的理解。
In this paper, we analyzed the impact of environmental regulation on the profitability of Chinese manufacturing enterprises to test the ＂Porter hypothesis＂. That is, whether environmental regulation can promote innovation to improve the profitability of enterprises, so as to achieve a win-win situation between environmental and economic development. This paper first established a theoretical model to analyze how environmental regulation affects the return on sales of firms of different sizes. Found that environmental regulation could increase the return on sales of large-scale firms with lower compliance costs, but would reduce the profit margins and number of small-scale firms with higher compliance costs. To test the applicability of the theoretical model, we will implement of the clean production standards as quasi-natural experiments, based on the data of China＇s manufacturing enterprises from 1998 to 2007, using DID method to analyze the impact of the implementation of cleaner production standards on corporate profitability. The study found that the implementation of cleaner production standards significantly increased the profitability of enterprises, but did not find the standard implementation in the short term to promote business innovation or increase corporate subsidies. Further analysis found that the implementation of cleaner production standards improved the scale of large enterprise＇s profitability, reduced the profitability of small-scale enterprises. Finally, this paper, using the 3-bit industry-level data of China＇s economic census in 2004 and 2008 and using DID method, found that the implementation of cleaner production standards reduced the number of small-scale enterprises. So we believe that the ＂compliance cost heterogeneity＂, which is caused by the difference of firm sizes, rather than the ＂Porter hypothesis＂ can better explain the impact of cleaner production standards on the profitability of China＇s manufacturing enterprises. The findings of this paper help to promote
出处
《中国工业经济》
CSSCI
北大核心
2017年第6期155-174,共20页
China Industrial Economics
基金
马克思主义理论研究和建设工程重大项目“中国特色社会主义政治经济学研究”(批准号2015MZD006)
国家自然科学基金面上项目“产业政策的微观基础和我国产业结构转型研究:基于产品空间理论的考察”(批准号71273217)
中央高校基本科研业务费专项资金项目“大数据时代知识产权与创新发展研究”(批准号20720151287)
关键词
环境规制
清洁生产标准
合规成本异质性
企业利润率
波特假说
environmental regulation
clean production standards
compliance costs heterogeneity
corporate profit margins
Porter hypothesis
